According to Wikipedia (yes, consider the source)…. here is the definition of Stagflation:
In economics, stagflation is a situation in which the inflation rate is high and the economic growth rate slows down and unemployment remains steadily high.
Well, under Barack Obama’s economic policies passed by the Democrat-controlled Congress from 2009-10…. we at least have two of those three. And inflation is higher than most of us have been used to since at least the 1990s.
This is what a stagnant economy looks like. The gain of 115,000 jobs is less than enough to keep up with population increases, and was below the median economic forecast for April. The only reason that the unemployment rate “fell” to 8.1% is because the labor force participation rate keeps dropping. If you stop looking for work, you aren’t unemployed. But you’re not employed either. You’re just “missing.” You don’t count.
Welcome to the country we now live in: the Stag-Nation.
And this from the bloggers at ZeroHedge:
It is just getting sad now. In April the number of people not in the labor force rose by a whopping 522,000 from 87,897,000 to
88,419,000. This is the highest on record. The flip side, and the reason why the unemployment dropped to 8.1% is that the labor force participation rate just dipped to a new 30 year low of 64.3%.
GP Ed Note: My post yesterday about the “invisible 86 Million” is now dramatically out of date…
Here are the official FedGov numbers:
Nonfarm payroll employment rose by 115,000 in April, and the unemployment rate was little changed at 8.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, retail trade, and health care, but declined in transportation and warehousing.
Household Survey Data
Both the number of unemployed persons (12.5 million) and the unemployment rate (8.1 percent) changed little in April.
Among the major worker groups, the unemployment rates for adult men (7.5 percent), adult women (7.4 percent), teenagers (24.9 percent), whites (7.4 percent), and Hispanics (10.3 percent) showed little or no change in April, while the rate for blacks (13.0 percent) declined over the month. The jobless rate for Asians was 5.2 percent in April (not seasonally adjusted), little changed from a year earlier.
The number of long-term unemployed (those jobless for 27 weeks and over) was little changed at 5.1 million in April. These individuals made up 41.3 percent of the unemployed. Over the year, the number of long-term unemployedhas fallen by 759,000.
The civilian labor force participation rate declined in April to 63.6 percent, while the employment-population ratio, at 58.4 percent, changed little.
Whether Obama & his team studied Martian or Marxist Applied Economics, one thing is clear: They didn’t learn any lessons from the unprecedented US economic expansion that resulted in the 1981-83 economic policies pushed through a Democrat Congress by Ronald Reagan.